Dec 19, 2012 4:30pm PST
will vote on the republican plan b tomorrow. veterans of washington's budget battles wouldn't be surpriseto see a plan c or d before a final resolution is hammered out. darren gersh, "n.b.r.," washington. >> susie: the threat of the fiscal cliff was a big topic at an investor conference in new york today hosted by johnson controls. this wisconsin-based industrial conglomerate is a leading provider of products to make buildings energy efficient, and it's also the world's largest maker of car batteries and automotive seats. c.e.o. stephen roell told me he's worried that uncertainty about the fiscal cliff could hurt consumer confidence, and his business. >> we don't do that. as the consumer, i products to costumers like the big three, that in turn sell to the auto industry. my biggest concern is how it will affect the psychology of the consumer. i've been surprised, susie, that people continue to buy automobiles. but my fear is that could change dramatically. >> susie: steve, to what extent are the ups and downs impacting your business day to day. >> i think people are holding back on making
Dec 13, 2012 4:30pm PST
'll be available for talks, adding ohio has both cell phone service and airports. darren gersh, nbr, washington >> susie: that stalemate over the fiscal cliff weighed on the markets today, despite some encouraging reporton the economy. investors shrugged off news that initial jobless claims fell more than expected during the latest week, retail sales bounced back in november, and wholesale prices declined last month. by the close, the dow tumbled 75 points, the nasdaq fell 22 and the s&p was off nine points. despite that pessimism, many investment managers and analysts are feeling optimistic about 2013. a new investor survey says the u.s. stock market will be the best performing stock market in the world. for details, john rogers joins us. he's c.e.o. of the cfa institute that conducted the survey. so john, the u.s. stock market ranked as the best performer. if we look at the charge of coming in in second place, china and brazil. why the vote of confidence considering all these concerns about the fiscal cliff? >> you're right, susie. it's interesting. it's a happy holiday season for investors.
Dec 18, 2012 7:00pm PST
for a new congress to put the pieces back together in the new year. darren gersh, "n.b.r.," washington. >> susie: well, roger altman is confident democrats and republicans will strike a deal and avoid falling off the fiscal cliff. he was deputy treasury secretary in the clinton administration and is now executive chairman and founder of evercore partners. >> susie: roger, so great to have you back on "nightly business report." >> thank you, susie. >> susie: nice to see you. why are you so optmistic there is going to be a fiscal cliff deal? >> i would cite two broad reasons, and then a few reasons specific to the negotiations. first on the broadside, the financial markets, as we've all seen over the past seven to nine days, especially the equity markets, have been rallying strongly in anticipation of an agreement. they're looking right past the fiscal cliff towards improved economic growth in 2013 and 2014. of course, they can be wrong, but on something of this magnitude, they rarely are wrong. second, i think the cost of failure, for both sides, the president and the democrats, and, of
Dec 18, 2012 4:30pm PST
, that is a millennium in washington for situations like this. so there is lots of time. >> susie: let me pick up on a point that you made about the market view about economic growth is coming for next year and the year after. let's talk about that. because even if there is a deal, there are worries that that deal is going to be a drag on the economy, what with higher tax rates, the removal of the payroll tax cut, possibly. isn't that bad for the economy going forward? >> susie, you're right. there will be some fiscal drag, some contraction, as spending cuts occur, as taxes go up somewhat, and as certain tax cuts, like the payroll tax cut, expires. but i think there is going to be a big boost to confidence, and i think there is going to be a broad clearing of the air as this issue is resolved. and there has been so much hesitation on the part of employers and businesses on investing and on hiring, i think that's going to be wiped away. and the result -- the net rest isoing to be an improved growth rate in 2013, and especially big growth rates in 2014 and 2015. >> susie: roger, we have less than a